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12 Sep 2013
Flash: EUR/GBP maintains scope for additional fall – ANZ
FXstreet.com (Lisbon) - The failure of the EUR/GBP to gain any decent rebounds off 0.8400 indicates that the down-leg should continue towards the 50% retracement level of 0.8285, suggests Tim Riddell, Head of Global Markets Research at ANZ.
Key quotes
“An interim target of 0.8350 may provide some support. Near-term rebounds ought to falter in front of 0.8470, to allow for a slide to 0.8285.”
“Any EUR/GBP downside acceleration could force a test of 0.8160 before a base forms. A rebound above 0.8510 is now needed to reduce the current downside bias.”
Key quotes
“An interim target of 0.8350 may provide some support. Near-term rebounds ought to falter in front of 0.8470, to allow for a slide to 0.8285.”
“Any EUR/GBP downside acceleration could force a test of 0.8160 before a base forms. A rebound above 0.8510 is now needed to reduce the current downside bias.”